KRS 387.710: Filing of inventory by limited conservator or conservator -- Biennial report

-- Final report and account.

(1) Within sixty (60) days of appointment, the limited conservator or conservator shall

file with the court a verified inventory of all th e property of the ward which has

come to his possession or knowledge, including a statement of all encumbrances,

liens, and other secured claims on any item, any claims against the estate of the

ward, and any cause of action accruing to the ward. The limit ed conservator or

conservator shall provide a copy thereof to the ward if he has sufficient mental

capacity to understand it.

(2) (a) A limited conservator or conservator shall file with the court a verified report

and financial account biennially within o ne hundred twenty (120) days after

the anniversary date of his appointment. The report shall contain:

1. The present personal status of the ward whose estate is managed by the

conservator;

2. The conservator's plan for preserving and maintaining the estate of

which he has control or supervision;

3. The need for continuation or cessation of the conservatorship; and

4. The need for any alteration in the powers of the conservatorship.

(b) The biennial report shall specify the amount and type of real and person al

property received by the conservator and remaining in his control or invested

by him, the nature of such investment, and expenditures made during the

preceding year. Upon request of the court, the conservator shall produce for

examination any information or documentation which the court may consider

relevant to the accounting of the financial and property transactions of the

estate.

(c) If the ward has no real property and possesses personal property of two

thousand five hundred dollars ($2,500) or less for any year during the biennial

report, the conservator or limited conservator may file an informal biennial

financial report attesting to the identity of the ward's financial account and its

current balance. If the balance does not exceed two thousand fi ve hundred

dollars ($2,500) for any year of the biennial report, the conservator or limited

conservator shall not be required to render to the court a detailed accounting

of the expenditures from the fund, unless the court, on its own motion or that

of any interested party or individual, deems it necessary to order the

conservator or limited conservator to provide a detailed biennial accounting,

including the listing of all expenditures for that reporting period.

(3) Upon the resignation, removal, or death of a limited conservator or conservator, or

on the termination of the conservatorship, the limited conservator or conservator, or

his personal representative, shall forthwith submit a final report and account to the

court and to the former ward and to the successor limited conservator or

conservator, or, if the ward is deceased, to his personal representative, and shall pay

over the trust estate to the person entitled thereto. Upon approval of the report and

account, the limited conservator or conservator shall be discharged and his surety, if

any, released.